Financial terms were not disclosed, but Fontaine's agent, Neil Sheehy, tweeted the contract is worth $2 million.
Fontaine, a restricted free agent, was scheduled for salary arbitration Friday.
The 26-year-old had 13 goals, 21 points, 26 penalty minutes and a plus-6 rating in 66 games for the Wild in 2013-14, his first NHL season. His 13 goals were tied for fourth on the Wild and tied for 12th among NHL rookies. He had a goal and an assist in nine Stanley Cup Playoff games.
Fontaine played four seasons at the University of Minnesota-Duluth before signing with the Wild as an undrafted free agent. He spent two seasons with the Houston Aeros of the American Hockey League before joining the Wild.